NewSquare Capital LLC Raises Position in Canadian Imperial Bank of Commerce (NYSE:CM)

NewSquare Capital LLC lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,152 shares of the bank’s stock after acquiring an additional 2,631 shares during the quarter. NewSquare Capital LLC’s holdings in Canadian Imperial Bank of Commerce were worth $5,357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CM. Operose Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $26,000. SBI Securities Co. Ltd. acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth $30,000. Sandy Spring Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $32,000. IFP Advisors Inc boosted its stake in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after acquiring an additional 404 shares in the last quarter. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $44,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on CM. Royal Bank of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a “sector outperform” rating on the stock. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average target price of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.1%

NYSE CM opened at $68.79 on Monday. The company’s fifty day moving average price is $62.69 and its two-hundred day moving average price is $62.10. The company has a market capitalization of $64.67 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $46.99 and a 12 month high of $69.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.01% and a net margin of 11.10%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the business earned $1.75 EPS. The firm’s revenue was up 13.9% on a year-over-year basis. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce’s payout ratio is presently 49.56%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.